Executive Compensation and Benefits

Cravath represented the initial purchasers in connection with the $650 million 144A/Reg. S high‑yield senior notes offering of Compass Minerals International, Inc., a leading provider of essential minerals. The transaction closed on June 16, 2025.

On June 23, 2025, Illumina, Inc. (“Illumina”) announced it has entered into a definitive agreement with Standard BioTools under which Illumina will acquire SomaLogic, a leader in data‑driven proteomics technology, and other specified assets for $350 million in cash payable at closing, subject to customary adjustments, plus up to $75 million in near-term performance‑based milestones and performance‑based royalties. Cravath is representing Illumina in connection with the transaction.

Cravath represented ODDITY Tech in connection with the $600 million Rule 144A exchangeable senior notes offering by Oddity Finance LLC, guaranteed by ODDITY Tech Ltd. and IM Pro Makeup NY L.P. Oddity Finance LLC is a wholly owned, indirect subsidiary of ODDITY Tech, a consumer technology company building digital‑first brands for the beauty and wellness industries worldwide. In addition, Cravath advised Oddity Finance LLC in connection with capped call transactions entered into in connection with the offering. The transaction closed on June 12, 2025.

Cravath represented Toll Brothers Finance Corp. in connection with its $500 million registered senior notes offering, fully guaranteed by Toll Brothers, Inc. and certain of its subsidiaries. Toll Brothers Finance Corp. is an indirect wholly owned subsidiary of Toll Brothers, Inc., which designs, builds, markets, sells and arranges financing for an array of luxury residential homes and communities. The transaction closed on June 10, 2025.

Cravath represented the administrative agent, joint lead arranger and joint bookrunner in connection with a $1.5 billion revolving credit facility made available to Coupang, Inc., a leading global technology and commerce company providing retail, restaurant delivery, video streaming and fintech services to customers around the world under brands that include Coupang, Coupang Eats, Coupang Play and Farfetch. The transaction closed on June 2, 2025.

The 2025 edition of the Legal 500 United States ranked Cravath in the top tier nationally in 15 areas: Antitrust - Civil Litigation/Class Actions: Defense; Capital Markets: Debt Offerings (Advice to Issuers); Capital Markets: Debt Offerings (Advice to Underwriters); Capital Markets: Global Offerings (Advice to Issuers); Capital Markets: Global Offerings (Advice to Underwriters); Commercial Lending (Advice to Lenders); Employee Benefits, Executive Compensation and Retirement Plans: Transactional; Environment: Transactional; Financial Services Litigation; General Commercial Disputes; International Tax; M&A: Large Deals ($1bn+); M&A Litigation: Defense; Securities Litigation: Defense; and U.S. Taxes: Non‑contentious. In addition, 79 Cravath attorneys were individually recognized by The Legal 500 United States this year.

On February 26, 2025, Cravath and Harvard Law School hosted a program to celebrate the work of the Cravath International Fellows, which was held in Cambridge, Massachusetts. Established in 2006 by Cravath partners who are Harvard Law School alumni, under the leadership of the late Robert D. Joffe, the Cravath International Fellowships program provides financial assistance, including travel and living expenses, to students pursuing academic projects during their Winter Term with an international, transnational or comparative law focus. Approximately 12 Cravath International Fellowships are awarded annually.

Cravath partners G.J. Ligelis Jr., Alyssa K. Caples, Christopher K. Fargo and Margaret T. Segall co‑authored the U.S. Law & Practice chapter of the fifth edition of Chambers “Investing In… 2025” Guide, which was published in January 2025. The guide, which is part of the publisher’s Global Practice Guides series, examines country‑specific legal issues that arise from foreign direct investment (“FDI”) and cross‑border transactions in the more than 30 jurisdictions covered. The U.S. Law & Practice chapter surveys the legal system and regulatory framework for FDI in the country, analyzing the economic climate, as well as considerations related to mergers and acquisitions, corporate governance, capital markets, antitrust, national security, tax, employment and intellectual property.

On February 5, 2025, Cravath published the latest edition of its Cravath Venture Capital & Growth Equity Insights newsletter (formerly the Cravath Emerging Company and Venture Capital Insights newsletter), entitled “2024 Recap and 2025 Outlook.” The newsletter provides an overview of global venture capital and related activity during the second half of 2024 and examines emerging fundraising opportunities, key exit trends and increasing secondaries markets activity; offers insights on artificial intelligence investment and cryptocurrency valuation; and provides updates on regulatory developments.

Cravath partners Rachel G. Skaistis and Eric W. Hilfers, and of counsel Jenny X. Zhang, authored a chapter on key issues that organizations need to consider as they initiate, conduct and conclude investigations in the U.S. for International Employment Lawyer’s “Guide to Workplace Investigations,” which was published in January 2025. The chapter reviewed who should conduct a workplace investigation, what data protection or other regulations apply when gathering physical evidence, what confidentiality obligations apply during an investigation and more.